Dorchester turns to 'professional investors' to raise $12 million
Dorchester Pacific (DPC) hopes to raise up to $12 million through the issue of convertible notes.
Dorchester Pacific (DPC) hopes to raise up to $12 million through the issue of convertible notes to professional investors.
In an announcement to NZX Dorchester says the notes, with a minimum $500,000 investment, will have a three year term expiring on 31 March 2015 with an option to then convert into ordinary equity at 10 cents a share.
The issue will be underwritten to $10 million by major shareholders, Hugh Green Investments, The Business Bakery and Paul Byrnes.
"Dorchester Finance had intended to have in place a $10 million facility one year after its restructure but the banks have told us that we need 'more runs on the board,'" chief executive Director, Paul Byrnes says.
"Our major shareholders have therefore stepped up to underwrite the Notes to $10 million. This will ensure that growth momentum is maintained in the medium term and that the longer term profit prospects of Dorchester are realised."
Matt Nippert
Mon, 22 Aug 2011
Mon, 22 Aug 2011
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Dorchester turns to 'professional investors' to raise $12 million
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